Can family sharing on Apple devices be selective?

I don't think you can do the categories you wish to do:

Stop sharing purchases with your family members on iPhone Share App Store, Apple TV, and Apple Books purchases with Family Sharing on iPhone - Apple Support

"If you don’t want to share a specific item with your family members, see the Apple Support article Hide and unhide music, movies, TV shows, audiobooks, and books."

Hide purchases from the App Store - Apple Support

Here are some articles relating to sharing Apple Card:

Set up Apple Card Family and add a co-owner and participants - Apple Support

Set spending limits on transactions and get notifications for Apple Card Family participants - Apple Support

From the little I have done with Apple News it looks like there are free items but others are behind a paywall. Anybody can read the free items. The paid items require an individual or shared subscription.

To me this article Share Apple and App Store subscriptions with family members on iPhone - Apple Support

seems to imply you can be selective about which apps are shared, but not with whom you share them.